Philadelphia Pennsylvania Assignment of Overriding Royalty Interest with Multiple Leases that are Non Producing with Reservation of the Right to Pool

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• County: Philadelphia
• Control #: US-OG-691
• Format: Word; Rich Text

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee an overriding royalty interest in multiple non-producing Leases. The Philadelphia, Pennsylvania Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool is a legal instrument commonly used in the oil and gas industry. This assignment allows the owner of an overriding royalty interest (ORRIS) to transfer their rights to receive a percentage of the future production revenue from multiple leases in Philadelphia, Pennsylvania, even if these leases are currently inactive or non-producing. Keywords: Philadelphia, Pennsylvania, Assignment of Overriding Royalty Interest, Multiple Leases, Non-Producing, Reservation of the Right to Pool When it comes to the types of Philadelphia, Pennsylvania Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool, they may include: 1. Primary Assignment: This type of assignment is the most common and straightforward. It involves the transfer of the overriding royalty interest from the current owner to a new assignee, allowing them to collect future revenue from multiple non-producing leases in Philadelphia. 2. Assignment with Reservation of the Right to Pool: In this type of assignment, the assignor not only transfers the overriding royalty interest but also reserves the right to pool, which allows for the combining or consolidation of multiple leased properties to increase production efficiency or facilitate drilling operations. 3. Assignment with Restricted Pooling Rights: This variation of the assignment limits the assignee's right to pool the leases, either by defining specific restrictions or requiring additional consent from the assignor. This is often done to protect the interests of the original assignor or to ensure compliance with regulatory requirements. 4. Assignment with Diversionary Clause: This type of assignment includes a provision that if the non-producing leases do not become productive within a specific timeframe or meet certain conditions specified in the agreement, the overriding royalty interest will revert to the assignor. 5. Assignment with Artificial Lift Provision: Artificial lift is a method used to enhance the production of oil or gas wells. This type of assignment may include a provision that allows the assignee to install and operate artificial lift equipment on the non-producing leases to increase their productivity and subsequent royalty payments. In summary, the Philadelphia, Pennsylvania Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool is a versatile legal instrument enabling the transfer of overriding royalty interests from inactive leases. Various types of assignments exist, each with its own specific clauses and provisions tailored to the unique needs and objectives of the parties involved.

The Philadelphia, Pennsylvania Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool is a legal instrument commonly used in the oil and gas industry. This assignment allows the owner of an overriding royalty interest (ORRIS) to transfer their rights to receive a percentage of the future production revenue from multiple leases in Philadelphia, Pennsylvania, even if these leases are currently inactive or non-producing. Keywords: Philadelphia, Pennsylvania, Assignment of Overriding Royalty Interest, Multiple Leases, Non-Producing, Reservation of the Right to Pool When it comes to the types of Philadelphia, Pennsylvania Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool, they may include: 1. Primary Assignment: This type of assignment is the most common and straightforward. It involves the transfer of the overriding royalty interest from the current owner to a new assignee, allowing them to collect future revenue from multiple non-producing leases in Philadelphia. 2. Assignment with Reservation of the Right to Pool: In this type of assignment, the assignor not only transfers the overriding royalty interest but also reserves the right to pool, which allows for the combining or consolidation of multiple leased properties to increase production efficiency or facilitate drilling operations. 3. Assignment with Restricted Pooling Rights: This variation of the assignment limits the assignee's right to pool the leases, either by defining specific restrictions or requiring additional consent from the assignor. This is often done to protect the interests of the original assignor or to ensure compliance with regulatory requirements. 4. Assignment with Diversionary Clause: This type of assignment includes a provision that if the non-producing leases do not become productive within a specific timeframe or meet certain conditions specified in the agreement, the overriding royalty interest will revert to the assignor. 5. Assignment with Artificial Lift Provision: Artificial lift is a method used to enhance the production of oil or gas wells. This type of assignment may include a provision that allows the assignee to install and operate artificial lift equipment on the non-producing leases to increase their productivity and subsequent royalty payments. In summary, the Philadelphia, Pennsylvania Assignment of Overriding Royalty Interest with Multiple Leases that are Non-Producing with Reservation of the Right to Pool is a versatile legal instrument enabling the transfer of overriding royalty interests from inactive leases. Various types of assignments exist, each with its own specific clauses and provisions tailored to the unique needs and objectives of the parties involved.